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Can FTM Rally Beyond $0.65? Watch Out for These Levels
Fantom (FTM) has made a remarkable comeback from its support level of $0.65, surging by over 10% in less than 24 hours. The altcoin’s sudden recovery has sparked optimism among investors, with many wondering if it can continue to rally beyond this critical price point.
As FTM continues to regain strength, technical and on-chain metrics are indicating a growing bullish momentum ahead. According to our analysis, the $0.65 support zone could potentially be the catalyst for another upward surge in the altcoin’s value.
Historically, the confluence of Fibonacci retracement levels at around $0.65 has played a crucial role in fueling FTM’s previous rallies. This key level aligns with the 0.618 and 0.718 Fibonacci reversal zones, which have consistently served as launchpads for bullish moves in the past.
Furthermore, on-chain metrics from IntoTheBlock reveal that large transaction volume and bid-ask volume balance are exhibiting strong buy signals. Large transactions on the network have increased by a staggering 5%, indicating significant interest from institutional and whale investors. The surge in buying pressure has been further amplified by an 18.43% rise in the bid-ask volume balance.
These indicators align with the current bullish momentum, significantly increasing the likelihood of FTM breaking through its next resistance level. If large transactions continue to drive demand, it’s possible that the altcoin could test higher resistance zones and potentially set new highs.
In conclusion, both technical and on-chain indicators suggest that $0.65 could be the turning point for FTM’s price action. It remains essential for investors to closely monitor these levels as they will determine the direction of the market in the near future.
Source: ambcrypto.com
